Description
The property is zoned as a condo hotel/motel and is not meant for residential use. Owners are not allowed to live on-site and can only stay for a maximum of 179 nights in a calendar year. Pets are permitted for owners, guests are not allowed to bring pets. Owners can use their units for up to 30 nights, and any additional nights incur a resort subsidy fee. The buyer will inherit the rental agreement, which does not terminate upon the sale of the property. The buyer is responsible for all costs associated with the unit, including furniture. Any repairs or replacements needed due to damage caused by hotel guests will be billed to the guest, not the owner. A refurbishment account is set up using 4% of revenue intake to cover any FF&E (Furniture, Fixtures, and Equipment) expenses. These funds stay with the unit and are not refunded to the seller at closing. The disclosure of these terms should be included in the contract signed by the seller and buyer. The HOA is considered a monthly assessment fee. It includes the Condo Operations, shared reserves, and shared facilities (utilities also included).
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2BEDS
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0.03ACRES
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2BATHS
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01/2 BATHS
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1,375SQFT
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$295$/SQFT
School Ratings & Info
Description
The property is zoned as a condo hotel/motel and is not meant for residential use. Owners are not allowed to live on-site and can only stay for a maximum of 179 nights in a calendar year. Pets are permitted for owners, guests are not allowed to bring pets. Owners can use their units for up to 30 nights, and any additional nights incur a resort subsidy fee. The buyer will inherit the rental agreement, which does not terminate upon the sale of the property. The buyer is responsible for all costs associated with the unit, including furniture. Any repairs or replacements needed due to damage caused by hotel guests will be billed to the guest, not the owner. A refurbishment account is set up using 4% of revenue intake to cover any FF&E (Furniture, Fixtures, and Equipment) expenses. These funds stay with the unit and are not refunded to the seller at closing. The disclosure of these terms should be included in the contract signed by the seller and buyer. The HOA is considered a monthly assessment fee. It includes the Condo Operations, shared reserves, and shared facilities (utilities also included).
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